CBOE said the deal, announced at Futures Industry
Association's annual conference in Boca Raton, Florida,
marked the first Internet-based, fully automated electronic
trading system to the US marketplace for the trading of equity
and index Flex options, which are customizable options
contracts. CBOE expected to launch the system, CBOEFlex Net,
later this summer, pending regulatory approval.

CBOE chairman and CEO Bill Brodsky said the new electronic
system would reduce costs, establish clearing transparency and
counterparty anonymity for the product and point-and-click
execution for Flex trades.